Torrent power is comfortably trading above 505-507 levels from the past few trading sessions.
Sustaining the same, the stock would be probably moving towards 540 -550 levels.
CMP: 513.55
Type of Trade: pullback - swing long trade
Invalid below 500 levels
BitTorrent (BTT) is one of the most active cryptocurrencies that took the crypto world by storm this year. To be specific, the crypto was able to achieve an all-time-high price of $0.0142 last April 05, 2021. This amazing performance of BTT enables the network to attract crypto investors around the world.
The stock seems to be having jitters of being too pricey. There has been formation of inside bar on daily and the stock is too far from moving averages thus a resistance on 20 EMA and thus a fall downward to the red line being 200 EMA would be easily achievable in coming time within 2 weeks.
Torent Power CMP 316, Can go with SL of 305, Target of 322,333,345,350+
RSI break out happening soon and MA cross over happening soon. last trading session's Cash volumes are double the average volumes happened on prior days with increase in price. General uptrend in power stocks also helps in going up. Shall go up.
RSI: showing divergence (showing bearishness)
also price is trading near 21 EMA, filling up gap (price & EMA). IF price closes below EMA 21 and also closes below trend line..stock will break
Bullish scenario
As the last movements of the markets are more than bullish, we could say this is the more probable scenario.
We suggest to buy the breakout of the descending resistance and then you have two options:
1) SAFER: Sell in the red area
2) AGGRESSIVE: Hold it longer.
We think that after the second resistance breakout, we could possibly visit new highs....
vTorrent is expected to receive some huge news given the recent teaser tweets from the developer. It tested the 3600sat resistance twice now and could potentially break it given that the news will match the built up hype. If you go for this trade you need to realise that this is an extremely high risk high reward trade because the trading volume is very low and...
